Wholesale changes to Partners’s offering

This week Partners Life roles out a whole new life insurance offering to address changing market conditions.

Monday, October 27th 2025, 9:56AM

Its current Partners Protection Plan policies (PPP) product will close to new customers and be replaced by what it calls Partners Life Journey Plan (PJP).

The good news for advisers is that clients on PPP products will not be automatically moved to PJP and they can still add to their cover.

Chief Distribution Officer Andries van Graan says Partners Life conducted workshops with advisers, and it heard that having two products for sale at the same time would be too complicated.

He says PJP is “delivered in spirit of true partnership.”

Van Graan says “advisers have challenged use to deliver a full featured product people can afford.”

He acknowledges advisers have struggled with the Partners Life pricing and the new PJP is designed to address those concerns yet still be a full featured product.

One of the key changes to the new offering is its modular nature where advisers can remove some parts of cover (and add them back later if required) which helps with affordability.

Another of the key changes is that Partners Life is rewarding customers with premium discounts when they add multiple products.

Partners Life Journey Plan provides up to 15% multi-benefit discount on eligible premiums when a client takes out qualifying covers.

COMMISSSIONS
Partners has also changed its commission structure to make its products more sustainable.

Van Graan says as “part of this journey we had to make some tough decisions and commissions are one of those.”

Partners Life chief executive Weston told advisers that “partnering to win with financial advisers is critical.”

But pricing and commissions needed to be sustainable so customers can maintain advice and cover and advisers need fair compensation.

As for the company it needed to provide effective products that are sustainably priced so it can pay of claims and fund better health outcomes.

“To be able to deliver a feature rich product with flexibility to manage affordability at market competitive price some changes to commissions are critical to ensure sustainability.”

Upfront commission stays the same on medical, however there will be no bonus on medical.

Renewal commission will be 5%, As Earned 22.5% and FAP overrides will be 15% of annual premium income.

With personal and business risk cover bonus FAP override stays unchanged and renewal commission will be 7.5%. With level cover upfront commissions are reducing to 60%, Pendulum 25 becomes 22.5% a NIL Expenses group discount will be 15% and FAP override 30%.

The changes only apply to new business.

Van Graan says to deliver price competitiveness Partners had to make changes.

Advisers will retain their current renewal commission when they transfer from PPP to PJP.

“It is just the right thing to do,” he says.

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